I was reading a while back that there is a tax break for First Time home buyers for 2008 Tax season. A friend of mine fell into this category and is getting a government loan of $7,500 that is straight up cash in pocket. His taxes are coming in at over $10,00. He has a family of four and has felt the effects of the economic slump.

i bring this up for 2 reasons.

1. Tell anyone you know that bought their first home in 2008 to include it on there taxes

2. There should be a nice cash infusion coming into the economy from these first time home buyers early summer, and could affect the stocks of many companies followed on this site.

He said the $7,500 is in one lump sum, and it has to be paid back over the next 15 years at $500 a year taken out of his taxes.